Psychedelic Therapeutics: Market Size Share , Key Devleopment ,Major market players, Market Segments, Regional Study and Forecast 2023-2031

The Psychedelic Therapeutics Market Size is estimated to be $3.94 billion in 2022 and will grow to $13.29 billion by 2031, with a compound annual growth rate (CAGR) of 14.92 percent during the forecast period of 2023-2031, as per the most recent research conducted by InsightAce Analytic.

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Psychedelic medicines are a collection of substances, including chemicals and plants, that are employed to address a variety of mental disorders, such as resistant melancholy, addiction, and panic disorder. Psychedelics are highly potent psychoactive compounds that alter cognitive functions, emotion, and perception. Modern medicine has rekindled its interest in psychedelic substances as potential therapies for conditions such as addiction, anxiety, and posttraumatic stress disorder. There has been a recent trend toward natural alternatives to conventional medication. The current increase in depression rates has necessitated the development of alternative treatments for traditional mood and anxiety disorders, as patients are being prescribed an increasing number of anti-anxiety, anti-insomnia, and antidepressant prescription medications to combat the COVID-19 pandemic. Professionals are currently exploring the therapeutic application of psychedelic therapeutics as a potential solution to mental health issues in an effort to identify more effective therapies.

The global psychedelic medicines market is expected to expand as a result of the rising prevalence of depression cases globally, which is a result of the increasing rate of chronic diseases and the increase in stress levels. Furthermore, the psychedelic medicine market is expanding due to the altered quality of life and lifestyles. Moreover, the demand for medicine is expected to increase due to the growing prevalence of psychological drug dependency, which is also anticipated to generate lucrative development opportunities during the forecast period. Significant opportunities are predicted to arise during the projected period due to the introduction of breakthrough medications that have demonstrated efficacy in patients with severe psychological disorders and the expansion of research and development (R&D) initiatives. Conversely, the market's expansion may be constrained by the strict regulations imposed by various governments to commercialize psychedelic medicines and the broader adoption of non-therapeutic therapies over allopathic therapies.

By 2021, North America was the market leader. Due to the growing prevalence of mental disorders and depression, enhanced awareness of mental health, and an increase in research and development initiatives, it was expected to maintain its dominance throughout the projection period. In addition, the healthcare industry's increased focus on mental health-related activities in order to develop innovative therapies contributed to regional expansion.

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Major market players operating in the Psychedelic Therapeutics market include:

• BetterLife Pharma,
• Janssen Pharmaceuticals,
• iX Biopharma Ltd,
• Jazz Pharmaceutical,
• Avadel,
• Pharmaceuticals plc,
• NeuroRx, Inc.,
• Douglas Pharmaceuticals Limited,
• The Emmes,
• Company, LLC,
• CaaMTech,
• COMPASS Pathways plc,
• AWAKN Life Sciences Inc,
• Cybin,
• Psilera Bioscience,
• Incannex Health Braxia Scientific Corp.,
• Mindset Pharma,
• Eleusis Benefit Corporation,
• CB Therapeutics,
• PsyBio Therapeutics,
• Numinus Wellness,
• Mydecine Innovations Group,
• Optimi Health,
• PharmaTher,
• Field Trip Health,
• ATAI Life Sciences,
• Seelos Therapeutics,
• Small Pharma,
• GH Research,
• Bright Minds Biosciences,
• Universal Ibogaine,
• Levitee Labs,
• Mind Cure Health,
• Novamind,
• Clearmind Medicine,
• MYND Life Science,
• Wesana Health,
• Psyched Wellness,
• HAVN Life Sciences,
• Beckley Psytech,
• Tryp Therapeutics,
• MAPS Public Benefit Corporation (PBC),
• M2Bio Sciences,
• Psyence Group,
• Silo Pharma,
• Core One Labs,
• Delic Corp,
• Nova Mentis Life Science,
• Delix Therapeutics,
• Neonmind Biosciences,
• Diamond Therapeutics,
• Tactogen,
• Psygen Labs Inc.,
• Eleusis Biotech,
• Psilera Biosceince,
• Octarine Bio,
• Bexson Biomedical,
• Heading Health,

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Key developments in the market:
• In March 2022, COMPASS Pathways plc entered into a long-term strategic agreement to establish The Centre for Mental Health Research and Innovation ("the Centre") in the United Kingdom. The purpose of the agreement is to facilitate the development of new mental health treatment modalities and to advance psychedelic research. In order to facilitate personalized, predictive, and preventative care models, the Centre will accelerate research into the development of psychotropic treatments, promote therapist training and certification, analyze real-world evidence, and prototype digital tools.
• In November 2021, an exclusive licensing agreement was signed between Seelos Therapeutics, Inc. and iX Biopharma Ltd. iX Biopharma will license Wafermine, a sublingual racemic ketamine wafer, and additional products that incorporate R- and S- enantiomers of ketamine using the WaferiX technology, to Seelos in accordance with the terms of the agreement.
• In May 2021, Mind Medicine (MindMed) Inc. announced the launch of Project Angie, which aims to advance the research and development of psychedelics, such as LSD, as pain medications. At present, MindMed is conducting research on two critical therapeutic indications for the treatment of pain. MindMed is currently preparing a pre-IND briefing package for its Phase 2a Proof of Concept trial, which it plans to submit to the FDA in the latter half of 2021.
• In July 2020, Janssen Pharmaceuticals, Inc. ("Janssen") granted Canabo Medical Inc. ("Canabo") a license to administer and prescribe the antidepressant SPRAVATO® (esketamine) nasal spray. Furthermore, the U.S. Food and Drug Administration granted approval for Janssen's SPRAVATO® to be used as an oral antidepressant in adults with treatment-resistant depressive disorder (TRD). Subsequently, the drug was released in Canada.

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Market Segments:

Global Psychedelic Therapeutics Market by Origin of Psychedelic Substance Revenue Forecast 2023-2031
• Natural Substances
• Synthetic Substances

Global Psychedelic Therapeutics Market Based on Type of Psychedelic Substance Revenue Forecast 2023-2031
• Ketamine
• GHB
• MDMA
• DMT
• LSD
• Psilocybin
• Ayahuasca
• Other

Global Psychedelic Therapeutics Market Based on Target Therapeutic Area Revenue Forecast 2023-2031
• Pain Disorders
• Trauma
• Depression and Anxiety Disorders
• Sleep-Related Disorders
• Other

Global Psychedelic Therapeutics Market, by Region
• Europe
• Middle East & Africa
• Asia Pacific
• North America
• Latin America

North America Psychedelic Therapeutics Market, by Country
• Canada
• U.S.

Europe Psychedelic Therapeutics Market, by Country
• Rest of Europe
• Italy
• Germany
• Spain
• France
• Russia

Asia Pacific Psychedelic Therapeutics Market, by Country
• South Korea
• India
• China
• Japan
• Australia & New Zealand

Latin America Psychedelic Therapeutics Market, by Country
• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa Psychedelic Therapeutics Market, by Country
• South Africa
• GCC Countries
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the pipeline and patent prospects for the global psychedelic therapeutics market
 To receive an industry overview and future trends of the psychedelic therapeutics market
 To analyze the psychedelic therapeutics market drivers and challenges
 To get information on the psychedelic therapeutics market size forecast to 2031
 To get information on major investments, mergers & acquisitions in the psychedelic therapeutics market industry
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